Introduced
by
To expand the expenses local brownfield redevelopment authorities can cover and subsidize with "captured" tax revenue, and require some additional disclosures. The bill would require these tax increment finance authorities (TIFAs) to disclose the total amount of local taxes that are approved for “capture” by the authority, and the source of tax increment revenues received for each active brownfield plan, including the amount captured in the most recent tax year and cumulatively. A TIFA "captures" the “increment” of extra local property tax revenue that are supposed to result from spending the borrowed money on various developer subsidies and local improvement projects.
Referred to the Committee on Local Government and Municipal Finance
Reported without amendment
With the recommendation that the substitute (H-2) be adopted and that the bill then pass.
Passed in the House 109 to 0 (details)
Referred to the Committee on Economic and Small Business Development
Reported without amendment
With the recommendation that the substitute (S-1) be adopted and that the bill then pass.
Amendment offered
The amendment passed by voice vote
Passed in the Senate 33 to 5 (details)
To expand the expenses local brownfield redevelopment authorities can cover and subsidize with "captured" tax revenue, and require some additional disclosures. The bill would require these tax increment finance authorities (TIFAs) to disclose the total amount of local taxes that are approved for “capture” by the authority, and the source of tax increment revenues received for each active brownfield plan, including the amount captured in the most recent tax year and cumulatively. A TIFA "captures" the “increment” of extra local property tax revenue that are supposed to result from spending the borrowed money on various developer subsidies and local improvement projects.
Passed in the House 106 to 1 (details)
To concur with the Senate-passed version of the bill.
